Banking, Insurance & Financial Regulation – United States Virgin Islands

About

Welcome And Overview of Division

Welcome to the Division of Banking, Insurance, and Financial Regulation (“Division”). The Division, which is a regulatory entity and major revenue generator for the Government of the United States Virgin Islands, is under the administration of the Office of the Lieutenant Governor.

The Lieutenant Governor, by statute, is, therefore, Chairman of the Virgin Islands Banking Board; Commissioner of Insurance; Administrator of the Virgin Islands Uniform Securities Act; Administrator of the Virgin Islands Uniform Unclaimed Property Act; Chairman of the Insurance Advisory Committee; and Administrator ex officio of the Virgin Islands State Health Insurance Assistance Program (VI SHIP/Medicare). Also situated within the Office of the Lieutenant Governor is the Captive Insurance Program and the International Financial Services Entities Program.

The Division has a dual responsibility to a) license and regulate banking, insurance, and financial services entities and related service providers that conduct business in the U.S. Virgin Islands and equally, to b) serve as a consumer protection agency. The Division’s regulatory authority is derived from Title 3, Title 9, Title 12A, Title 20, Title 22, and Title 28 of the Virgin Islands Code. The Division regulates banks; mortgage brokers, lenders and other finance lenders; small loan companies; securities and security salespersons; international financial services entities (IFSEs); money transmitters; check cashers and currency exchange servicers; non-Bank ATMs; insurance companies; insurance producers (formerly known as insurance agents and brokers); captive insurance companies; third party administrators; unclaimed and abandoned property; and debt management providers.

Overview for Holders

Holders are now able to submit their unclaimed property filings, negative or positive, via the Unclaimed Property Holders Website (Click Here).

Unfortunately, the ACH has not been set up yet so all payments must be submitted through the mail at:

Office of the Lieutenant Governor
The Division of Banking, Insurance, and Financial Regulation
c/o Unclaimed Property
5049 Kongens Gade
Charlotte Amalie, St. Thomas
Virgin Islands 00802

Overview for Claimants

For persons searching for unclaimed property, they can now visit the Virgin Islands Unclaimed Property Claims Website (Click Here).

Regulations

Important Topics and Notices

Acts

Act_8558- Unauthorized and Surplus lines Insurer Amendmentct 8594- Revisions to the National Association of Industry Commissioners Credit for Reinsurance Model Law

Act 8213 – Corporate Governance
Act 8212 – Third Party Admin Trust Fund Acct
Act 8211- Act amending title 22, chapter 10 of the Virgin Islands Code
Act 8210 – Change in License Period for Authorized Delegates
Act 8182 – Bill No. 33-0016 – Risk Management and Own Risk and Solvency Assessment Act
Act 8181 – Bill no. 33-0015 – Confidentiality provisions
Act 8168- The Financial Lenders Law
Act 8137 – DBIFR Authority to License Authorized Delegates (1)
Act 8136 – Standard Valuation Act of 2018
Act 8135 – The Actuarial Opinion and Memorandum Act
Act 8076 – Property & Casualty Actuarial Opinion Act
Act 8075 – An Act Amending Title 22 of the V.I. Code
Act 8074 – The Virgin Islands Credit Reinsurance Act
Act 8041 – The Standard Nonforfeiture Law of 2018 for Life Insurance
Act 8003 – Virgin Islands Holding Company System Regulatory Act
Act 8002 – Virgin Islands Freedom Week & Amendments
Act 7968- International Financial Services Entities
Act 7965 – Third Party Administrator
Act 7964 – Producer and Adjuster Licensing
Act 7963 – The Virgin Islands Risk-Based Capital for Insurers
Act 7962 – Core Standards and Model Laws
Act 7960 – Credit Union
Act 7869 – The Virgin Islands Uniform Multiple Person Account Act
Act 7569 – Alternative Market and Reinsurance
Act 7390 – International Banking Center Regulatory Act
Act 7147 – Alternative Market Act
Act 7140 – Safe Mortgage Licensing
Act 6287- Chapter 47 Compulsory Automobile Liability Insurance

Bulletin

Consumer Information

FDIC – Answers to Frequently Asked Questions for Consumers Affected by Coronavirus (COVID-19)

The following website provides a look-up for all companies that are licensed to procure insurance business in the Virgin Islands and for the following licensed resident or non-resident:

National Association of Insurance Commissioners: State Based Systems

Producers
Solicitors
Managing General Agents
Surplus Line Brokers
Adjusters-Public or Independent
Air Ambulance Reps

Tips, Brochures & Flyers

Forms

APPLICATION FORMS

THIRD PARTY ADMINISTRATOR

CERTIFICATE OF AUTHORITY

COMPLAINTS

REPORTING FORMS

Fees

The fee list document can be downloaded HERE

Orders

USVI Code

Unclaimed Property

Overview of Unclaimed Property

The Office of the Lieutenant Governor, through the Division of Banking, Insurance and Financial Regulation, serves as the territory’s custodian of abandoned or unclaimed properties. Unclaimed properties are those financial assets that have been reported to the Division as unclaimed, meaning the owner has not been located or made contact the with the bank/financial institution for a specified period of time.

Overview for Holders

Holders are now able to submit their unclaimed property filings, negative or positive, via the Unclaimed Property Holders Website (Click Here).

Unfortunately, the ACH has not been set up yet so all payments must be submitted through the mail at:

Overview For Claimants

For persons searching for unclaimed property, they can now visit the Virgin Islands Unclaimed Property Claims Website (Click Here).

Guiding Legislation for Virgin Islands Unclaimed Property

Resources for Property Owners

Listings of Abandoned Property

NOTE: These are the listings that are currently available online. If your property was reported to the Banking, Insurance and Financial Regulation in a year not listed above, please contact the Division at (340)774-2991, opt. 4 on St. Thomas or (340) 773-6449, opt. 4 on St. Croix for assistance.

CONSUMER TIP

The following are recommended in order to avoid having your property reported as unclaimed to the Office of the Lt. Governor, Division of Banking, Insurance and Financial Regulation:

Keep your accounts active. At least once a year, make a deposit or withdrawal on all bank accounts;
Promptly cash all checks received;
Keep an accurate record of all transactions (both at traditional and online institutions;
Notify a family member or trusted advisor about the location of your records; and
Notify all banks and companies of a new address when moving.

Securities

ORDERS: